Former Finance Secretary Hasmukh Adhia Nominated again as BoB Chairman
Former Finance Secretary Hasmukh Adhia was nominated again as the chairman of state-owned Bank of Baroda (BoB), according to a government order.
The Appointments Committee of the Cabinet approved the proposal of the Department of Financial Services for re-nomination of Adhia as chairman of the BoB.
His term was extended by another two years as chairman with effect from March 1, 2022.
BoB is the third biggest public sector lender after State Bank of India and Punjab National Bank.
Adhia retired as Revenue-cum-Finance Secretary in November 2018.
It was during his tenure as Financial Services Secretary that the decision to split the post of Chairman and Managing Director of public sector banks was taken to foster greater transparency in decision making.
Twitter India Appoints Samiran Gupta to Lead Public Policy for Twitter in India
Samiran Gupta was named the new head of policy for microblogging platform Twitter in India. He would lead the company's public policy and philanthropy efforts in India and South Asia.
His appointment came almost a year after the former Public Policy Director for India and South Asia Mahima Kaul resigned.
Gupta, a public policy veteran was head of Public policy, South Asia for The Internet Corporation for Assigned Names and Numbers (ICANN) prior to this.
Madhabi Puri Buch Becomes First Woman Chief of SEBI
Madhabi Puri Buch was appointed chairperson of the Securities and Exchange Board of India (SEBI), the regulator in charge of overseeing India's $3.3-trillion stock market ecosystem. She replaced Ajay Tyagi, whose tenure as SEBI chairman ended on February 28, 2022.
The Appointments Committee of the Cabinet, headed by the Prime Minister, approved her appointment for an initial period of three years.
Puri Buch is the first woman, and the first person from the private sector, to head the securities market watchdog.
She has had a more than four-year stint at SEBI as a whole-time member (WTM) -- a post just below the chairman. The IIM-Ahmedabad alumna will also be the youngest SEBI chief.
Buch has three decades of financial market experience. She joined ICICI Bank in 1989. Since then, she has worked as an investment banker, headed the country's leading broking outfit, held a senior position at a private equity major, and had a brief stint with the New Development Bank, set up by the BRICS bloc of nations.
US, European Union Cut Few Russian Banks from SWIFT
In a major move aimed to cripple Russia's economy, the US along with its key allies, including EU and the UK, decided to disconnect key sanctioned Russian banks from the global financial system SWIFT and impose restrictive measures on its central bank in response to Moscow's invasion of Ukraine.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
Based in Belgium, the system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.
Removing banks from SWIFT is deemed to be a severe curb because almost all banks use the system. Russia is heavily reliant on the SWIFT system for its key oil and gas exports.
Standard Chartered India Appoints Saurabh Jain as Wealth Management Head
Standard Chartered Bank, India, appointed Saurabh Jain as its new head of wealth management.
Jain took over from Samrat Khosla, who moved to a new role within the bank.
He joined Standard Chartered Securities (India) as its CEO in October 2019 and later went on to be the head – deposit products and client acquisition with Standard Chartered Bank, India, a position he held before this current appointment.
He brings to the role over 20 years of experience in wealth management, private banking and retail banking products and distribution. He has held various senior roles in Citibank India and HDFC Bank as well.
Ashneer Grover Resigns as BharatPe MD
Ashneer Grover resigned as managing director of fintech BharatPe. Grover, also lost the arbitration in Singapore he filed against the fintech platform for launching a probe against him.
BharatPe currently has 8 million merchants on its platform.
Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC). In his appeal, Grover pleaded that the investigation was illegal because it violated the shareholder agreement and articles of association.
Feb 28, 2022
World Bank's India Head Junaid Ahmad Appointed Vice President of Operations
The World Bank's India head Junaid Kamal Ahmad was appointed as a Vice President of the international lending institution.
Ahmad, who as vice president, Operations would head the Multilateral Investment Guarantee Agency (MIGA), is only the second Bangladeshi national to be appointed to such a high position in the history of the bank.
Faisal Chaudhary was the first Bangladeshi national who became the vice president on the operational side.
Union Cabinet Approves Offering of Coal via Common e-auction Window
The government approved offering of dry-fuel by coal companies, including state-owned CIL, through a common e-auction window instead of sector specific auctions.
The approval was given during a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.
Due to the move, market distortions would be removed and single rate for all the consumers will evolve in the e-auction market. It will increase operational efficiencies and lead to an increase in domestic coal demand.
Reliance Takes over Operations of 200 Future Group's Stores
Reliance Industries is in the process of transferring over 30,000 Future Retail and Future Lifestyle employees and also took over 200 Future Group stores that are now being re-branded as Reliance stores.
Feb 27, 2022
RBI Cancels PC Financial Service's Certificate of Registration
The Reserve Bank of India (RBI) cancelled the certificate of registration of PC Financial Services, a non-banking finance company, which was engaged in mobile app-based lending business through its app called 'Cashbean', citing a number of violations including charging exorbitant rate of interest and other charges to its borrowers in an opaque manner.
The company violated the central bank's directions on outsourcing and "Know Your Customer" norms and was also found to be charging very high interest rates and other charges from its borrowers in an opaque manner.
International IP Index 2022: India Ranks 43rd
India improved its overall IP score from 38.4 per cent to 38.6 per cent, and the country is ranked 43 out of 55 countries on the International Intellectual Property Index 2022. This index was released by the Global Innovation Policy Center of the U.S. Chamber of Commerce. In July 2021, the Parliamentary Standing Committee on Commerce released a Review of the Intellectual Property Rights Regime in India. This review is a welcome development and offers a comprehensive and detailed study of the strengths and weaknesses of India's national IP environment.
RBI Extends Tenure of its Additional Director on Board of Dhanlaxmi Bank
The Reserve Bank extended the tenure of its additional director G. Jagan Mohan on the board of Dhanlaxmi Bank by two years.
Mohan was appointed as an additional director on the board of the private sector lender for two years from February 27, 2020.
Indian Oil Corp Buys First Russian Urals Crude in 2 Years
Indian Oil Corp, the country's top refiner, bought Russian Urals crude for the first time in two years, after spot differentials slumped.
The opportunity for India to buy more of the Russian flagship grade that typically heads to Europe arose after its discount to global benchmark Brent fell to the widest since 2005, hit by rising tensions between Russia and the West over Ukraine.
Urals crude was last imported by IOC at its Paradip port in April 2020.
Govt. Appoints Aggarwal as RBI Nominee Director in Indian Overseas Bank
Indian Overseas Bank (IOB) said that the government appointed Vivek Aggarwal on its board as an RBI nominee director with immediate effect.
With this, Deepak Kumar, nominated by the government as the RBI nominee director, ceases to be a director on the board with effect.
Standard Chartered, IATA Tie-up for Payment Platform for Airline Industry
Global banking group Standard Chartered partnered with the International Air Transport Association (IATA) to launch a payment platform for airline industry in India.
In addition to existing payment options such as credit cards, IATA Pay will be a new payment option that enables participating airlines to offer instant payment options such as UPI Scan and Pay and UPI Collect (Request to Pay).
The service, which is already available in several European markets, leverages the Unified Payment Interface (UPI), a domestic real-time payments scheme, thereby enabling consumers to instantly pay for airline tickets from their bank accounts.
IATA Pay in India is powered by Standard Chartered's Straight2Bank Pay, a payment platform that helps online merchants digitalise collections via multiple payment options through a single global connectivity.
Feb 26, 2022
RBI: Amendments in Payments Systems Rules
The Reserve Bank of India amended the Payments and Settlement Systems Regulations. This system allows the companies who are seeking to run payment businesses to apply for licenses from the regulator.
The application for licensing should include the technology platform which is to be used, the operator's process flow, interoperability with operators of the other payment systems, and security features.
As per the rules that have been set, the operators will be required to submit all documents and information which are desired by the RBI from time to time.
Three months after the closing of the account, annual accounts also have to be submitted by the system provider to the regulator along with a copy of the audited balance sheet.
Vedanta Aluminium Launches Green Aluminium Brand 'Restora'
Vedanta Aluminium Business launched 'Restora', its low carbon, green aluminium brand.
The company unveiled two product lines -- Restora (low-carbon aluminium) and Restora Ultra (ultra-low carbon aluminium) --under the new brand.
It is the first major non-ferrous Indian metals producer to manufacture low carbon products (primary aluminium) for customers worldwide, exhibiting a strong step towards its commitment of achieving net zero carbon by 2050. Both products have been verified as low-carbon aluminium post assessment by an independent, global verification assurance firm.
Vedanta Aluminium has the capability to tailor-make Restora and Restora Ultra as billets, primary foundry alloy (PFA), wire rods, slabs, P1020 Ingots, and more, customised to the needs of the end-use industries.
Hero Electric Partners with IDFC FIRST Bank for Vehicle Finance
Hero Electric joined hands with IDFC FIRST Bank for vehicle finance.
The collaboration allows Hero Electric customers to avail an instant loan on KYC with low processing fees and down payment.
This partnership with IDFC FIRST Bank will further our penetration to newer markets to promote green commuting via seamless financing options. It will benefit our customers significantly in aiding commute savings.
NHPC Inks Pact with HDFC Bank to Monetise RoE of Chamera-I Power Plant
State-owned NHPC inked a pact with HDFC bank to securitise return on equity of its 540-MW Chamera-I Power Plant in Himachal Pradesh for 10 years.
In December 2021, NHPC's board had approved the proposal for monetisation by securitisation through bidding process of return on equity (RoE) of Chamera-1 Power Station (3 X 180 MW), Himachal Pradesh, and further to monetise RoE of one or more power stations for 5 or 10 or 15 years in one go or rollover.
Feb 25, 2022
Paytm Payments Bank Signs up as Acquiring Partner for e-RUPI Vouchers
Paytm Payments Bank Limited announced that it is an official acquiring partner for 'e-RUPI vouchers'. e-RUPI, which is a government initiative, is a cashless prepaid voucher that beneficiaries can present via SMS or QR Code. Paytm's merchant partners can then scan, enter the amount to be paid and receive the payment directly in their bank account. This will benefit beneficiaries (users), even those who do not have access to formal banking services or smartphones to avail the convenience of digital payments.
With this, merchants will be empowered with another digital payment collection method that will help them further increase their digital footprint and onboard more customers.
PPBL is empowering merchants to accept e-RUPI vouchers, which gives it an opportunity to tap into a larger user base that is a beneficiary of this initiative. This will further encourage more merchants to embrace cashless transactions, leading to an increase of digital payments.
TripMoney Ties-up with SBM Bank to Launch Global Credit Card
The fintech arm of MakeMyTrip , TripMoney, joined hands with SBM Bank India to launch a rupee-denominated secure credit card, TripMoney Global Card. The card launch comes at a time when the world in re-opening its borders for Indian travellers as Covid cases in the world ebbs.
this value-loaded credit card is highly secure, offers various advanced money management features and most importantly, relieves overseas travellers from paying mark-up on forex conversions and more.
The TripMoney Global card, powered by Visa, can be used across 150+ countries. The card is targeted at international travellers, including the student population, who prefer a combination of lifestyle benefits with advanced digital money management features.
Ideal Finance Rebrands Itself to Mahindra Ideal Finance
Ideal Finance, a subsidiary of Mahindra & Mahindra Financial Services (Mahindra Finance/ MMFSL), announced the rebranding of its company name to Mahindra Ideal Finance (MIFL). This rebranding will form the bedrock on which the two joint venture partners (Mahindra Finance and Ideal Group) will build the vision of making Mahindra Ideal Finance one of the leading licensed finance companies (LFC) in Sri Lanka.
HUL Splits Position of Chairman, CEO & MD
FMCG major Hindustan Unilever announced the separation of the position of Chairman of the Board and the CEO & Managing Director.
The company announced the appointment of Nitin Paranjpe, currently Chief Operating Officer of Unilever, as a non-executive chairman of the company with effect from March 31, 2022.
Sanjiv Mehta would continue as the Chief Executive Officer & Managing Director (CEO&MD).
HUL's Board also approved the re-appointment of Dev Bajpai as the Whole Time Director of the company for a period of five years.
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